Fed's Brainard delivers sharp rebuke of CRA revamp plan

Wednesday, January 22, 2020 in Media

Fed's Brainard delivers sharp rebuke of CRA revamp plan

A Federal Reserve governor on Wednesday issued a rebuke of several key elements of a new proposal to overhaul enforcement of the Community Reinvestment Act, though she stopped short of criticizing its authors — the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency — by name.

Overall, Federal Reserve Governor Lael Brainard suggested regulators need to take their time in revamping CRA and not rush into changes without proper analysis.

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